Interim Report 1 January ? 30 September 2005
COMPONENTA CORPORATION STOCK EXCHANGE RELEASE 12.10.2005 at 9.00
Interim Report 1 January 30 September 2005
* Net sales in January September 2005 totalled MEUR 260.9
(MEUR 224.5); net sales of the Cast Components business group
increased 10%, of De Globe 19% and of other operations 35%.
* Operating profit excluding one-time items was MEUR 6.9 (8.6)
and the result after financial items, excluding one-time items, was
MEUR 0.3 (3.1).
* Consolidated operating profit including one-time items
totalled MEUR 10.6 (22.1) and the profit after financial items was
MEUR 4.0 (16.6).
* The result after financial items for the third quarter,
excluding one-time items, was MEUR -4.0 (-0.1).
* The earnings per share were EUR 0.58 (1.48).
Net sales and order book
The Group had net sales in the January September review period
of EUR 260.9 (224.5) million and an order book of EUR 55.6 (59.9)
million at the end of September. The Cast Components business group
had sales of EUR 130.9 (119.0) million, De Globe of EUR 93.2 (78.3)
million and other operations of EUR 36.8 (27.2) million. At the end
of the review period, Cast Components had an order book of EUR 28.5
(29.7) million, De Globe of EUR 20.7 (22.3) million and other
operations of EUR 6.4 (7.9) million.
Production of heavy trucks in Europe stopped growing during the
third quarter of the year. Componenta's deliveries to the heavy
truck industry rose 15% from the previous year in the first nine
months of the year and fell 4% in the third quarter from the
corresponding quarter in the previous year. Sales to off-road
manufacturers grew 19%, deliveries to the power and transmission
industries rose 17%, and sales to the machine building industry grew
20% during the first nine months of the year. During the third
quarter, sales to off-road manufacturers grew 6%, deliveries to the
power and transmission industries rose 10%, and sales to the machine
building industry grew 18% from the corresponding period in the
previous year.
Componenta's net sales by customer sector were as follows: heavy
truck industry 46% (46%), off-road 25% (24%), machinery and
equipment manufacturers 15% (15%), power and transmission 12% (12%),
and others 2% (3%).
Componenta's net sales by market area were as follows: Nordic
countries 50% (53%), other European countries 43% (43%) and other
countries 7% (4%).
Result
Componenta's interim report has been prepared in accordance with
international financial reporting standards (IFRS). Componenta Group
made an operating profit, excluding one-time items, of EUR 6.9 (8.6)
million and the profit after financial items, excluding one-time
items, was EUR 0.3 (3.1) million. The Cast Components business group
had an operating profit of EUR 4.1 (8.0) million, De Globe of EUR
0.6 million (loss of EUR -0.2 million), and other operations
recorded an operating profit, excluding one-time items, of EUR 2.2
(0.9) million.
The Group's net financial costs amounted to EUR -6.6 (-5.5) million.
The consolidated result after financial items, excluding one-time
items, declined from the previous year mainly due to the costs and
breaks in production caused by running in the new foundry
machinery and equipment installed at Karkkila and Heerlen and
running in the new painting line at the Främmested machine shop.
Running in the new equipment at the Karkkila and Heerlen foundries
impaired the result in the review period by altogether EUR 4.6
million. The improvement in the results of the Wirsbo forges and
associated companies had a positive impact on the consolidated
result in the first nine months of the year. Towards the end of the
review period the price of steel scrap had risen again to the same
high level as early in the year.
The Group's operating profit, including one-time items, was EUR 10.6
(22.1) million, the result after financial items was EUR 4.0 (16.6)
million and the net result was EUR 5.6 (14.2) million. Onetime items
totalled EUR 3.7 (13.5) million, consisting mainly of profit of EUR
2.2 million from the sale of Keycast and Profiz shares, the
recognition as income of EUR 4.3 million in negative goodwill in
connection with the purchase of De Globe shares, and one-time costs
of EUR 2.6 million for adjustments and restructuring at De Globe and
Åmål.
Income taxes were EUR +1.3 positive (-2.9) million.
Earnings per share were EUR 0.58 (1.48).
The return on investment, including one-time items, was 7.4% (16.5%)
and return on equity 13.0% (37.0%).
Financing
The Board of Directors of Componenta Corporation, under the
authorization given by the Annual General Meeting of Shareholders,
decided to issue convertible capital notes and on 4 March 2005
approved subscriptions for convertible capital notes with a nominal
value of EUR 19.0 million. In March the Group repaid EUR 3.2 million,
or 10%, of the principal of the old preferred capital notes
in accordance with the terms for the notes. On 30 September 2005
Componenta Corporation had outstanding capital notes and convertible
bonds with a combined value of EUR 37.6 million, as defined in IFRS.
The Group had EUR 52.5 million in non-utilised long-term credit
facilities at the end of the review period. The Group has a EUR 60
million commercial paper programme. The Group's interest-bearing
net debt, excluding the outstanding capital notes of EUR 37.6
million, totalled EUR 110.5 million (EUR 119.0 million, EUR 118.1
million on 31 December 2004). Net gearing, including the capital
notes in shareholders' equity, was 124% (149%).
Componenta is making more effective use of capital with a programme
to sell its sales receivables. Under this arrangement, some of the
sales receivables are sold without any right of recourse. By 30 September
2005 the company had sold sales receivables totalling EUR 14.9 (15.8)
million.
The cash flow from operations was EUR 12.0 (3.8) million, and of
this the change in net working capital was EUR 4.4 (-9.5) million.
The cash flow from investments was EUR -10.2 (-3.1) million, which
includes the cash flow from the Group's production investments and
the cash flow from the sale and purchase of shares and from the sale
of fixed assets.
The Group's equity ratio was 19.0% (21.2%) and the equity ratio,
including capital notes in shareholders' equity, was 32.9% (30.4%).
Performance of business groups
Cast Components
The Cast Components business group consists of Componenta's
foundries and machine shops in the Nordic countries, which supply
ready to install cast and machined components to the heavy truck,
machine building, power and transmission, and off-road industries.
Cast Components had net sales in the review period of EUR 130.9
(119.0) million and an operating profit of EUR 4.1 (8.0) million.
The order book on 30 September 2005 stood at EUR 28.5 (29.7)
million. The business group's operating profit declined from the
previous year mainly due to the costs and breaks in production
caused by running in the new foundry machinery and equipment
installed at Karkkila and running in the new painting line at the
Främmested machine shop. Technical problems on the production line
at the Karkkila foundry and running in production weakened the
business group's result by EUR 2.7 million in the first part of the
year. The available capacity at the Karkkila Foundry has not matched
demand and products had to be manufactured at the company's other
foundries, with higher costs, during the first half of the year.
During the first part of the year, the production organization at
Karkkila was restructured and strengthened, in the second quarter a
new melting furnace that will boost production capacity was taken
into operation, and casting automation was introduced in the third
quarter. A fire at the Karkkila foundry at the beginning of
September caused a break in production of several days, slowed down
the running in of production, and weakened the result for the third
quarter. Running in the new equipment and machinery installed at the
foundry and machine shop in Pietarsaari during the summer took place
as planned and production on the new lines had been run in by the
end of the review period.
Third quarter net sales for Cast Components totalled EUR 36.9 (37.3)
million and the operating loss was EUR -0.4 million (profit of EUR
1.7 million).
De Globe
De Globe comprises two iron foundries located in the Netherlands
that supply complex cast components for the off-road and heavy truck
industries and for compressors and pressure vessels. Two production
lines function at the foundry in the town of Heerlen: Heerlen HWS
and Heerlen Furan. De Globe's joint functions moved in February from
Belfeld into rented premises in Weert, close to the Weert iron
foundry. In March, De Globe switched to a profit unit organization,
with a director appointed with responsibility for the operations and
financial performance of each unit.
Under an agreement signed on 30 June 2005, Componenta acquired the
remaining 45% of the shares and voting rights of the Dutch foundry
company De Globe B.V.. The shares were sold by Industriebank LIOF, a
Dutch capital investment fund, for a price of EUR 2.3 million. The
seller may be entitled to a further EUR 0.3 million, depending on De
Globe's 2005 result. Following the purchase, Componenta owns 100% of
De Globe's shares. Componenta recognized as income the EUR 4.3
million in negative goodwill arising from the transaction during the
second quarter. Componenta acquired 55% of the shares of De Globe in
March 2004, with an option to acquire the remaining shares by 2007.
De Globe had net sales in January September of EUR 93.2 (78.3)
million and an operating profit of EUR 0.6 million (loss of EUR 0.2
million). The order book on 30 September 2005 stood at EUR 20.7
(22.3) million. The growth in sales and correcting the prices
of unprofitable products improved De Globe's result. Transferring
the foundry from Belfeld alongside the foundry in Heerlen and
running in the production line weakened the result in the first nine
months of the year by EUR 1.9 million. Breaks in production in July
and at the beginning of September slowed down the running in of
production at the Heerlen foundry and clearly weakened the result
for the third quarter. Third quarter net sales totalled EUR 26.6
(25.0) million and the operating loss excluding one-time items was
EUR -1.1 (-0.4) million.
Other Business
Componenta's Other Business consists of the Wirsbo forges,
associated companies, the Group's support functions and service
units, and divested business.
On 30 March 2005, Componenta sold its 26% holding in IT company
Profiz Business Solution Oyj to Skuutinliikki Oy for approximately
EUR 0.4 million. The transaction had a slightly positive impact on
Componenta's result for the first quarter of 2005.
In a transaction confirmed on 30 June 2005, Componenta sold its 43%
holding of the shares of Keycast Oy to a new company established by
OKO Venture Capital and Keycast's operative management. The price
for the shares was EUR 6.5 million and Componenta recorded a sales
profit of EUR 2.1 million on the transaction in the second quarter.
Other Business had net sales in January September of EUR 36.8
(27.2) million and an operating profit, excluding one-time items, of
EUR 2.2 (0.9) million. The order book at the end of the review
period stood at EUR 6.4 (7.9) million. Third quarter net sales
totalled EUR 8.9 (8.1) million and the operating loss excluding one-
time items was EUR -0.1 million (profit of EUR 0.5 million).
Sales by the Wirsbo forges increased 39% from the previous year to
EUR 36.1 million. The operating profit for the review period
improved considerably in consequence of the growth in sales and the
steps taken to enhance operations. Wirsbo's full year result for
2005 is expected to improve significantly from the previous year.
Componenta's share of the result of the associated companies was EUR
1.8 (1.5) million. Ulefos NV's net sales totalled EUR 28.7 (25.1)
million and profit after financial items was EUR 3.2 (2.1) million.
Shares and share capital
The shares of Componenta Corporation are quoted on the main list of
the Helsinki Exchanges. At the end of the review period the
company's share capital stood at EUR 19.3 million. The shares have a
nominal value of 2 euros. At the end of the review period on 30 September
2005 the quoted price of Componenta Corporation shares stood at EUR 7.10
(EUR 5.80). The average price during the first nine months of the year
was EUR 7.16, the lowest quoted price was EUR 5.32 and the highest
EUR 9.44. At the end of the review period the share capital had a market
value of EUR 69.2 million (EUR 55.4 million) and the volume of shares
traded during the review period was equivalent to 46% (22%) of the
share stock.
Componenta Corporation and Nordea Bank Finland Plc have signed a
market making agreement that meets the requirements for Liquidity
Providing (LP) on the Helsinki Exchanges. The agreement, which came
into force on 4 January 2005, aims to improve the liquidity of
Componenta's shares and increase investor interest in the
shares. Under the terms of the agreement, Nordea Bank Finland Plc
will quote bids and offers for Componenta shares so that the spread
of the bid and offer prices is a maximum of 2%, calculated on the
bid price. The quoted prices cover a minimum of 2,000 shares, the
equivalent of 10 trading lots.
The Annual General Meeting of Shareholders decided to pay a dividend
of EUR 0.50 per share for 2004, in accordance with the proposal of
the Board of Directors.
Authorization to purchase and dispose of company shares
The Annual General Meeting of Shareholders on 7 February 2005
authorized the Board to decide on purchasing the company's own
shares using distributable funds, however such that the combined
number of shares belonging to the company and its subsidiaries or
the voting rights they hold after the purchase may not exceed five
per cent of the company's share capital or of the voting rights held
by all the shares. The authorization had not been exercised by
30 September 2005.
Authorization to raise the share capital
The Annual General Meeting authorized the Board of Directors to
decide on increasing the company's share capital through one or more
issue of new shares, convertible bonds or option rights. The share
capital of the company may be increased by a maximum of EUR
3,846,122 or by a lesser amount that corresponds to a maximum of one
fifth of the registered share capital of the company and the voting
rights attached to all the shares on the date when the Annual
General Meeting gave the authorization and when the Board of
Directors decided on the increase. The Board of Directors of
Componenta Corporation decided on the basis of this authorization to
issue convertible capital notes and on 4 March 2005 approved
subscriptions for the Convertible Capital Notes 2005 with a nominal
value of EUR 19 million. The exchange rate for the shares is
EUR 10.00.
Investments
Investments in production facilities during the review period
totalled EUR 20.4 (21.6) million, and finance lease investments
accounted for EUR 6.9 million of these. The cash flow from
investments was EUR -10.2 (-3.1) million.
Board of Directors and Management
Componenta's Annual General Meeting of Shareholders on 7 February
2005 elected the following to the Board of Directors: Heikki
Bergholm, Heikki Lehtonen, Juhani Mäkinen, Marjo Raitavuo and Matti
Tikkakoski. The Board elected Heikki Bergholm as its Chairman and
Juhani Mäkinen as Vice Chairman.
The corporate executive team of Componenta Group during the review
period was formed by President and CEO Heikki Lehtonen; Lauri
Huhtala, Director, Foundries Finland; Olli Karhunen, Director, Power
and Transmission; Jari Leino, Director, Sales and Product
Development; Marc Omes, Managing Director, De Globe (as from 22 August
2005); Wim Schut, Director, Foundries Holland; Michael Sjöberg,Director,
Machine Shops; CFO Kimmo Virtanen and Communications Manager Pirjo
Aarniovuori.
Kimmo Suupohja joins the company as Director, International
Foundry Division and member of the corporate executive team on 10 October
2005. Anu Mankki starts as Director, Human Resources and member of the
corporate executive team on 1 December 2005
Personnel
During the review period the Group had on average 2201 (2356)
employees. At the end of September 2005, 48% (41%) of the Group's
personnel were in Finland, 25% (34%) in the Netherlands and 27%
(25%) in Sweden.
Prospects
Componenta's prospects in 2005 are based on general external
financial indicators, order forecasts given by customers, and on
Componenta's order intake and order book.
Demand in the heavy truck industry took a slight downward turn
during the third quarter of the year. Demand for components for the
off road industry has remained at good level throughout 2005. Demand
for components from the power and transmission industry and from
machinery and equipment manufacturers is expected to continue to
rise slightly.
Running in the new machinery and equipment during the current year
has weakened Componenta's financial performance. The investments at
Karkkila in Finland, Heerlen in the Netherlands and Främmestad in
Sweden have been technically completed during the third quarter of
the year.
Componenta's order book at the end of September remained at a good
level. Net sales for the final quarter of 2005 are expected to be at
the same level as in the corresponding period in the previous year
and the result after financial items, excluding one-time items, is
forecast to be EUR 0 - 3 million.
Income statement
MEUR 1.1.-30.9.2005 1.1.-30.9.2004 1.1.-31.12.2004
Net sales 260.9 224.5 316.0
Other operating income 2.9 9.0 10.0
Operating expenses -246.9 -207.6 -293.2
Depreciation, amortization and
write-down -12.3 -11.9 -15.4
Negative goodwill recognized
as income 4.3 6.6 6.6
Share of the associated
companies' result 1.8 1.5 1.9
Operating profit 10.6 22.1 25.7
% of net sales 4.1 9.8 8.1
Financial income and expenses -6.6 -5.5 -7.9
Result after financial items 4.0 16.6 17.9
% of net sales 1,5 7.4 5.7
Income taxes 1.3 -2.9 -3.6
Net profit 5.3 13.7 14.2
Allocation of net profit for the period
To equity holders of the parent 5.6 14.2 15.6
To minority interest -0.3 -0.5 -1.4
5.3 13.7 14.2
Earnings per share, EUR 0.58 1.48 1.62
Earnings per share with
dilution, EUR 0.58 1.51 1.64
Income statement excluding one-time items
MEUR 1.1.-30.9.2005 1.1.-30.9.2004 1.1.-31.12.2004
Net sales 260.9 224.5 316.0
Other operating income 0.6 0.4 0.7
Operating expenses -248.3 -205.9 -290.8
Depreciation, amortization and
write-down -8.0 -11.9 -15.2
Negative goodwill recognized
as income - - -
Share of the associated
companies' result 1.8 1.5 1.9
Operating profit 6.9 8.6 12.5
% of net sales 2.6 3.8 4.0
Financial income and expenses -6.6 -5.5 -7.9
Result after financial items 0.3 3.1 4.6
% of net sales 0.1 1.4 1.5
Balance sheet
MEUR 1.1.-30.9.2005 1.1.-30.9.2004 1.1.-31.12.2004
Assets
Non-current assets
Intangible assets, excl.
consolidated goodwill 1.8 1.8 1.7
Consolidated goodwill 0.5 0.5 0.5
Investment properties 1.9 1.9 1.9
Tangible assets 164.8 153.2 157.8
Investment in associates 7.0 10.1 10.5
Receivables 1.0 2.0 2.0
Other investments 0.5 1.4 1.2
Defferred tax assets 8.4 7.5 7.3
Total non-current assets 186.0 178.5 183.0
Current assets
Inventories 37.7 35.6 42.4
Receivables 44.8 47.3 45.9
Cash and bank accounts 2.4 1.4 1.2
Total current assets 84.9 84.2 89.5
Total assets 270.8 262.7 272.4
Liabilities and shareholders'equity
Shareholders' equity
Share capital 19.3 19.2 19.2
Other equity 30.6 27.9 29.3
Equity part of convertible
capital notes 1.5 - -
Equity attributable to equity
holders of the parent 51.3 47.1 48.5
Preferred capital note - 24.2 24.2
Minority interest 0.1 8.4 7.6
Shareholders' equity 51.4 79.8 80.3
Liabilities
Non-current liabilities
Interest bearing 96.7 31.2 68.3
Interest free 0.1 0.2 0.1
Provisions 0.9 3.5 0.9
Current liabilities
Interest bearing 53.8 89.2 51.1
Interest free 67.4 58.5 70.6
Provisions 0.4 0.4 1.1
Total liabilities 219.4 182.9 192.1
Total liabilities and
shareholders' equity 270.8 262.7 272.4
Cast flow statement
MEUR 1.1.-30.9.2005 1.1.-30.9.2004 1.1.-31.12.2004
Cash flow from operations
Result after financial items 4.0 16.6 17.9
Depreciation, amortization and
write-down 8.0 5.3 9.0
Net financial income and expenses 6.6 5.5 8.5
Other income and expenses,
adjustments to cash flow -5.8 -8.6 -15.1
Change in net working capital 4.4 -9.5 -1.2
Cash flow from operations before financing
and income taxes 17.2 9.3 19.0
Interest received and paid and
dividends received -5.1 -5.5 -7.8
Taxes paid -0.1 0.0 0.0
Net cash flow from operations 12.0 3.8 11.2
Cash flow from investing activities
Capital expenditure in
tangible and intangible assets -15.1 -17.4 -27.3
Proceeds from tangible and
intangible assets 0.0 0.0 3.3
Other investments and loans granted -3.0 -4.7 -4.7
Proceeds from other investments and
repayments of loan receivables 7.9 19.1 19.3
Net cash flow from investing activities -10.2 -3.1 -9.4
Cash flow from financing activities
Dividends paid -4.8 0.0 0.0
Share issue 0.1 - -
Draw-down (+)/ repayment (-) of the equity
part of convertible capital notes 1.5 -1.2 -
Repayment of finance lease
liabilities -1.3 -0.8 -1.1
Draw-down (+)/ repayment (-)
of current loans -1.9 29.5 -14.2
Draw-down (+)/ repayment (-)
of non-current loans 6.0 -27.4 14.2
Net cash flow from financing activities -0.6 0.1 -1.2
Change in liquid assets 1.2 0.8 0.7
Statement of changes in shareholders' equity
Share
-holders'
equity
MEUR A B C D E F G Total H total
Shareholders'
equity 31.12.2004 19.2 11.5 24.2 0.0 17.8 72.8 7.6 80.3
IAS 39 -24.2 -0.7 -24.9 -24.9
Shareholders'
equity 1.1.2005 19.2 11.5 0.0 0.0 0.0 0.0 17.1 47.8 7.6 55.4
Electricity forwards and
interest rate derivatives 1.4 -0.2 1.2 1.2
Other changes 0.0 0.0 0.0
Direct entries into
equity 0.0 0.0 1.4 0.0 0.0 0.0 -0.2 1.2 0.0 1.2
Profit/loss for the period 5.6 5.6 -0.3 5.3
Income and expenses
for the period 0.0 0.0 1.4 0.0 0.0 0.0 5.4 6.8 -0.3 6.5
Dividends paid -4.8 -4.8 -4.8
Increase of share
capital, warrants 0.0 0.0 0.1 0.1
Change in minority interest 0.0 -7.2 -7.2
Equity share of convertible
capital notes 1.5 1.5 1.5
Shareholders'
equity 30.9.2005 19.3 11.6 1.4 0.0 1.5 0.0 17.7 51.3 0.1 51.4
A Share capital
B Share premium account
C Hedging reserve
D Capital notes
E Equity share of convertible capital notes F Other items
G Retained earnings
H Minority interest
Key Ratios
30.9.2005 30.9.2004 31.12.2004
Equity ratio, % 19.0 21.2 20.6
Equity ratio, %, preferred capital note in equity 32.9 30.4 29.5
Equity per share, EUR 5.33 4.90 5.05
Invested capital 201.9 200.1 199.7
Return on investment, % 7.4 16.5 14.2
Return on equity, % 13.0 37.0 28.1
Net interest bearing debt, MEUR, preferred
capital note in debt 148.1 143.2 142.4
Net interest bearing debt, MEUR preferred
capital note in equity 110.5 119.0 118.1
Net gearing, %, preferred capital note in debt 288.3 257.7 253.8
Net gearing, %, preferred capital note in equity 124.2 149.1 147.0
Order book, MEUR 55.6 59.9 59.2
Investments in non-current assets without
finance leases, MEUR 16.6 24.6 35.1
Investments in non-current assets incl.
finance leases, MEUR 23.4 26.3 37.0
Investments in non-current assets, % of net
sales 9.0 11.7 11.7
Average number of personnel during the period 2,201 2,356 2,168
Number of personnel at period end 2,226 2,437 2,213
Share of export and foreign activities in net
sales, % 82.4 81.5 81.4
Contingent liabilities, MEUR 93.3 89.7 103.6
Earnings per share, EUR 0.58 1.48 1.62
Earnings per share with dilution, EUR 0.58 1.51 1.64
Segments
Cast Components, MEUR 30.9.2005 30.9.2004 31.12.2004
Assets 184.6 183.2 180.4
Liabilities 62.9 61.2 63.3
Investments in non-current assets incl.
finance leases 22.2 25.1 35.1
Depreciation 10.7 10.4 13.6
Nordic countries, MEUR 30.9.2005 30.9.2004 31.12.2004
Assets 196.4 189.2 197.2
Investments in non-current assets incl.
finance leases 14.5 16.8 21.7
Other European countries, MEUR 30.9.2005 30.9.2004 31.12.2004
Assets 69.0 71.8 72.3
Investments in non-current assets incl.
finance leases 8.9 9.5 15.3
Group development
Net sales by market area
MEUR 1.1.-31.12.2004 1.1.-30.9.2004 1.1.-30.9.2005
Nordic countries 167.9 118.5 131.7
Other European countries 133.8 96.0 112.2
Other countries 14.3 10.0 17.0
Total 316.0 224.5 260.9
Quarterly development by market area
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
MEUR 2004 2004 2004 2004 2005 2005 2005
Nordic countries 39.4 43.0 36.1 49.4 47.5 49.4 34.7
Other European countries 30.6 34.8 30.6 37.8 40.4 39.7 32.2
Other countries 2.9 3.3 3.7 4.3 5.3 6.3 5.5
Total 73.0 81.1 70.4 91.4 93.2 95.3 72.4
Group development
MEUR 1.1.-31.12.2004 1.1.-30.9.2004 1.1.-30.9.2005
Net sales 316.0 224.5 260.9
Operating profit 25.7 22.1 10.6
Net financial items -7.9 -5.5 -6.6
Profit/loss after financial items 17.9 16.6 4.0
Group development by business group
Net sales, MEUR 1.1.-31.12.2004 1.1.-30.9.2004 1.1.-30.9.2005
Componenta Cast Components 166.1 119.0 130.9
De Globe 109.4 78.3 93.2
Cast Components total 275.5 197.3 224.1
Other business 40.4 27.2 36.8
Componenta Group total 316.0 224.5 260.9
Operating profit, MEUR 1.1.-31.12.2004 1.1.-30.9.2004 1.1.-30.9.2005
Componenta Cast Components 12.4 8.0 4.1
De Globe -1.1 -0.2 0.6
Cast Components total 11.3 7.7 4.7
Other business 14.4 14.4 5.9
Componenta Group total 25.7 22.1 10.6
Order book, MEUR 31.12.2004 30.9.2004 30.9.2005
Componenta Cast Components 27.3 29.7 28.5
De Globe 23.9 22.3 20.7
Cast Components total 51.2 52.0 49.2
Other business 8.0 7.9 6.4
Componenta Group total 59.2 59.9 55.6
Group development by quarter
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
MEUR 2004 2004 2004 2004 2005 2005 2005
Net sales 73.0 81.1 70.4 91.4 93.2 95.3 72.4
Operating profit 15.9 4.3 1.9 3.6 3.9 8.6 -1.9
Net financial items -1.8 -1.8 -1.9 -2.4 -2.1 -2.2 -2.3
Profit/loss after
financial items 14.1 2.6 0.0 1.3 1.8 6.4 -4.2
Quarterly development by business group
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
Net sales, MEUR 2004 2004 2004 2004 2005 2005 2005
Componenta Cast Components 38.7 43.0 37.3 47.1 45.6 48.4 36.9
De Globe 25.2 28.1 25.0 31.1 33.2 33.4 26.6
Cast Components total 63.9 71.1 62.3 78.2 78.8 81.8 63.5
Other business 9.1 9.9 8.1 13.2 14.4 13.5 8.9
Componenta Group total 73.0 81.1 70.4 91.4 93.2 95.3 72.4
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
Operating profit, MEUR 2004 2004 2004 2004 2005 2005 2005
Componenta Cast Components 2.0 4.2 1.7 4.5 1.6 3.0 -0.4
De Globe 0.1 0.1 -0.4 -0.9 0.7 1.0 -1.1
Cast Components total 2.1 4.3 1.3 3.6 2.3 4.0 -1.5
Other business 13.8 0.0 0.6 0.0 1.6 4.6 -0.4
Componenta Group total 15.9 4.3 1.9 3.6 3.9 8.6 -1.9
Order book at period end, Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
MEUR 2004 2004 2004 2004 2005 2005 2005
Componenta Cast Components 22.7 27.2 29.7 27.3 29.5 31.4 28.5
De Globe 19.9 20.0 22.3 23.9 25.7 23.6 20.7
Cast Components total 42.6 47.2 52.0 51.2 55.2 55.1 49.2
Other business 5.5 5.4 7.9 8.0 8.6 7.4 6.4
Componenta Group total 48.0 52.6 59.9 59.2 63.8 62.4 55.6
Group development excluding one-time items
MEUR 1.1.-31.12.2004 1.1.-30.9.2004 1.1.-30.9.2005
Net sales 316.0 224.5 260.9
Operating profit 12.5 8.6 6.9
Net financial items -7.9 -5.5 -6.6
Profit/loss after financial items 4.6 3.1 0.3
Group development by business group excluding one-time items
Operating profit, MEUR 1.1.-31.12.2004 1.1.-30.9.2004 1.1.-30.9.2005
Componenta Cast Components 12.4 8.0 4.1
De Globe -1.7 -0.2 0.6
Cast Components total 10.7 7.7 4.7
Other business 1.8 0.9 2.2
Componenta Group total 12.5 8.6 6.9
Group development by quarter excluding one-time items
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
MEUR 2004 2004 2004 2004 2005 2005 2005
Net sales 73.0 81.1 70.4 91.4 93.2 95.3 72.4
Operating profit 2.3 4.5 1.8 3.9 3.8 4.7 -1.6
Net financial items -1.8 -1.8 -1.9 -2.4 -2.1 -2.2 -2.3
Profit/loss after
financial items 0.5 2.7 -0.1 1.5 1.7 2.5 -4.0
Quarterly development by business group excluding one-time items
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
Operating profit, MEUR 2004 2004 2004 2004 2005 2005 2005
Componenta Cast Components 2.0 4.2 1.7 4.5 1.6 3.0 -0.4
De Globe 0.1 0.1 -0.4 -1.5 0.7 1.0 -1.1
Cast Components total 2.1 4.3 1.3 3.0 2.3 4.0 -1.5
Other business 0.2 0.2 0.5 0.9 1.5 0.7 -0.1
Componenta Group total 2.3 4.5 1.8 3.9 3.8 4.7 -1.6
Largest registered shareholders on 30 September 2005
Share of total
Shareholder Shares voting rights
1 Lehtonen Heikki 3,792,631 39.40%
Cabana Trade S.A. 3,676,731
Oy Högfors-Trading Ab 115,900
2 Etra-Invest Oy 1,500,000 15.58%
3 Inkinen Simo-Pekka 464,844 4.83%
4 Investment Fund OP-Arvo Osake 308,800 3.21%
5 Nordea Life Assurance Finland Ltd. 276,350 2.87%
6 Veritas Pension Insurance Company Ltd. 261,400 2.72%
7 Ilmarinen Mutual Pension Insurance Company 257,600 2.68%
8 Lehtonen Anna-Maria 178,823 1.86%
9 Lehtonen Yrjö M 111,040 1.15%
10 Bergholm Heikki 101,000 1.05%
Nominee-registered shares 185,401 1.93%
Other shareholders 2,187,420 22.73%
Total 9,625,309 100.00%
The members of the Board of Directors own 40.5% of the shares. All shares have
equal voting rights. The members of the Board of Directors hold 10.7% of the
outstanding warrants. If all the warrants were converted to shares, the holding
of shares by the members of the Board of Directors would decrease to 39.2%.
Helsinki, 12 October 2005
COMPONENTA CORPORATION
Board of Directors
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen
President and CEO
tel. +358 10 403 00
Kimmo Virtanen
CFO
tel +358 10 403 00
